Beijing (AFP) - China's GDP expanded 7.0 percent year-on-year in the second quarter, official data showed Wednesday, beating expectations but with weak investment and trade dragging on the world's second-largest economy.
LONDON: Gold hit a five-week high on Thursday as the dollar remained under pressure following sluggish US data that pushed back expectations of when interest rates in the world's largest economy will rise. Spot gold rose to the highest since April 6 at $1,219.70 an ounce and was trading up 0.3 per cent at $1,218.05 an ounce by 1131 GMT. US gold futures for June delivery were unchanged at $1,217.60 an ounce. The metal was also heading for its biggest weekly gain in five months, mostly aided by an almost 2 per cent increase on Wednesday after the dollar tumbled to three-month lows.
WASHINGTON – More Americans filed new claims for jobless aid last week, factory activity slowed in February and consumer prices were flat in January, supporting the argument for the Federal Reserve to maintain its very accommodative monetary policy stance.
The reports come after signs of divisions at the Fed over its bond buying program aimed at stimulating the sluggish economic recovery.
Yesterday's "better than expected" New Home sales served as the "good news" pre-market boost to send futures ramping higher once again, if not enough to cause a fresh all time high. Here is what really happened when one spreads the numbers, courtesy of Mark Hanson's housing blog.
SYDNEY: Asian share markets drifted lower on Wednesday as anxiety mounted ahead of another batch of Chinese data while strength in the US dollar kept the screws on global commodity prices. Markets will be vulnerable to any whiff of disappointment in Chinese figures on retail sales, industrial production and urban investment, particularly given recent downward surprises on inflation and trade. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 0.5 per cent, while the Shanghai Composite Index eased 0.3 per cent.
LONDON: Gold was little changed on Thursday as the impact of a steadier dollar was counteracted by lower European equities alongside fading optimism over a potential deal between Greece and its creditors. Spot gold was flat on the day at $1,187.46 an ounce by 1140 GMT, within reach of a two-week low of $1,183.76 hit in the previous session. US gold futures for June delivery rose $1.30 to $1,186.80 an ounce. "There is some support from the Greek situation, but we don't expect any major price rises for the time being," Commerzbank analyst Daniel Briesemann said.
Is the worst over for the Eurozone? That's what the ECB and heads of state said at the recent economic summit in Davos.
I offer some economic reality.
Eurozone Sales Collapse 15th Month and Wholesale Prices Soar
The Markit Eurozone Retail PMI® shows Eurozone retail sales downturn extends to fifteenth month in January